Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Education Financing topic
No spam. Unsubscribe anytime.
Board approves New Markets Tax Credit documents to fund new high school gap financing
Summary
The Board voted to approve a package of agreements enabling a New Markets Tax Credit financing structure intended to supply roughly $6 million in gap funding for the new Northampton County High School; the documents will move to the Local Government Commission for review.
County counsel and outside legal teams presented a New Markets Tax Credit (NMTC) financing structure intended to provide roughly $6 million in gap financing for construction of the new Northampton County High School. Counsel said the deal has been vetted by a large set of parties and requires a set of nine action documents for the county to participate.
The documents presented for approval included the primary resolution authorizing participation in the NMTC transaction and: a ground-lease agreement; an operating-lease agreement; an upper-tier loan agreement; an upper-tier promissory note; an upper-tier collateral assignment; a county contribution agreement; an administrative services agreement; and a disbursing agreement. Two additional agreements (a development services agreement and a community benefits agreement) were included in the packet for information only and do not require county approval, the presenters said.
A commissioner moved to approve the list of action documents; the motion was seconded. The board approved the motion by voice vote.
Next steps identified by staff: submit final documents to the Local Government Commission (anticipated review at the end of next month) and proceed toward an anticipated closing early in June, subject to further review and closing conditions.
